IRS free electronic tax filing program now open

Taxes » Tax Filing » E-file, Free File Now Open To Taxpayers?

Impatient taxpayers can finally stop twiddling their thumbs. Tax-filing season 2013 officially begins today.

It was delayed for almost two weeks while the Internal Revenue Service updated its systems to conform to law changes that were approved earlier this year as part of the so-called fiscal cliff bill — the American Taxpayer Relief Act.

Most forms, especially for folks with more basic tax needs, now are updated. The IRS computer system is ready to roll, and the tax agency is finally accepting tax returns, whether filed on paper forms or electronically.

It is e-filers who are the happiest taxpayers right now. The number of electronic filers increases every year, primarily because they can get their refunds more quickly.

And today, those refund-producing electronic returns are running though IRS processing centers. They are arriving from tax pros and from taxpayers who directly file them, as well as via the 2013 version of Free File, which also opens for business on Jan. 30.

Free File 2013 basics

• You can file your 2012 tax return through Free File if your adjusted gross income is $ 57,000 or less.


• The income cutoff applies regardless of your filing status.


• Free File is for individual, not business, tax returns. However, a sole proprietor who files Schedule C with Form 1040 can use Free File.


• Some participating Free File vendors also offer free state tax return preparation and e-file.


• Some Free File companies offer free electronic extensions. But remember, you still must pay any due taxes by the April 15 deadline, or you’ll be charged interest and possibly penalties on any tax you owe.


• You do not download anything. All of the software, which is encrypted to protect privacy, remains at the Free File company website you select, and your return is filed from there.


• Access Free File by going to IRS.gov and clicking on the Free File icon. Beware of offers by outside websites to take you to the Free File website, as they could be scams operated by identity thieves.

The Free File program is a partnership between the IRS and the Free File Alliance, a group of tax preparation software manufacturers. Some 20 software companies have participated in the online filing program in recent years.

Free File was created in 2003 as a way to get more people to e-file. Its target is taxpayers who might otherwise not e-file because they don’t want to or can’t afford to pay the cost of the computer filing programs or professional tax help.

Who qualifies?

The key qualification for Free File services is income. This year, taxpayers with adjusted gross income of $ 57,000 or less, regardless of filing status, can use the online program. This is the same income threshold as last year.

Participating tax software companies can establish other eligibility requirements. Some may limit usage of their programs based on geographic location, military service or other criteria.

To determine which software best fits your filing needs, the Free File website includes an online search tool to help you select one of the participating Free File companies.

Free File contributions to e-filing

When all 2012 tax data are tallied, online tax filing by individuals is expected to reach at least 81 percent, according to the latest report to Congress from the IRS Oversight Board.

The Oversight Board, created as part of the IRS Restructuring and Reform Act of 1998, noted that it is “generally satisfied with the overall steady progress being made in the percent of major tax returns filed electronically, which grew more than four percentage points between 2011 and 2012.”

Three million of those returns e-filed last year came through Free File, says Tim Hugo, executive director of the Clifton, Va.-based Free File Alliance.

Some have criticized the program for not bringing in more e-filers. Last year’s Free File contribution was just a fraction of the more than 119 million returns e-filed by individual taxpayers.

But Hugo says the program’s success shouldn’t be measured solely by filing numbers.

“We get people in the door for e-filing, people who’ve never e-filed before,” says Hugo. “They may go to a commercial product later on, but they will continue to e-file. We are very pleased with that.”

Working with VITA

Free File also is continuing its work with the federal Volunteer Income Tax Assistance program, popularly known as VITA.

VITA tax-filing clinics are set up each year in public places — from libraries to community centers to shopping malls. Its volunteers provide free filing assistance to low- and moderate-income taxpayers who might not be able to afford tax software or professional filing help. This filing season, the services of IRS-certified VITA volunteers are available to people who make $ 51,000 or less.

Hugo says Free File is again placing kiosks, similar to self-checkout stations in retail stores, at VITA sites nationwide.

“You can do your return there or partially do your return and, if you need help, ask a VITA volunteer,” says Hugo. “This helps some of those who are most in need of tax help.”

The IRS has an online search tool to help taxpayers locate a nearby VITA site. Taxpayers also can call (800) 906-9887 for VITA locations.

Free fillable forms remain

The IRS says that Free File is available to 70 percent of taxpayers. But if you are among the 30 percent making too much money to use the service, you still can file for free using the tax agency’s fillable federal return form option.

Here, online versions of the most commonly used IRS tax forms are available through the Free File page. You fill them out on your computer and then e-file the documents at no charge.

Just don’t mistake the forms for tax software.

The fillable forms offer only basic calculations of what’s entered on the form. And you must figure out what goes on the form without the online prompting found in software.

Also, the information is not automatically transferred to associated forms. That means you must, for example, manually enter your itemized deductions total from Schedule A to the appropriate line on Form 1040.

Still, taxpayers with relatively simple filing needs who don’t want to buy tax software might find fillable forms a welcome alternative.

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Stock futures flat ahead of data, Amazon climbs early

NEW YORK (Reuters) - Stock index futures were flat on Wednesday as investors digested recent gains and awaited a new round of key U.S. economic data, though Amazon surged after its earnings results.

Equities have soared in recent weeks, with the S&P 500 rising for nine of the past 10 sessions. The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007. Many analysts have said markets may need to take a pause at current levels.

Amazon.com Inc was the latest high-profile name to rally after results, rising 8.8 percent to $283.30 in premarket trading after the online retailer late on Tuesday reported better-than-expected fourth-quarter profit and posted revenue that jumped 22 percent.

Investors are looking ahead to a first read on fourth-quarter economic growth, with the release of gross domestic product data at 8:30 a.m. Analysts see a 1.1 percent annualized pace of growth, down from the 3.1 percent in the third quarter.

Growth likely slowed in the quarter on the impact of superstorm Sandy, as well as uncertainty stemming from the "fiscal cliff" debate in Washington, D.C.

Traders will also look to the January ADP employment report, which is expected to show 165,000 private-sector jobs were created in the month, down from 215,000 in December. The report precedes the closely watched nonfarm payroll report on Friday, which is expected to show modest but steady job growth.

Dow component Boeing Co is on tap to report, and the results will be scoured not only for details about the company's recent difficulties with its Dreamliner passenger jet, but also about the industrial space. Facebook Inc reports results after the market closes.

Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

S&P 500 futures fell 0.3 point but remained above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were flat and Nasdaq 100 futures rose 2.5 points.

The S&P has been hovering around 1,500, a level market technicians say is an inflection point that will determine the overall direction in the near term. The benchmark index is on track to post its best monthly performance since October 2011 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.

The Federal Reserve concludes a two-day meeting on Wednesday, and while the central bank is expected to keep monetary policy on a steady path, intensive debates continue behind the scenes over when the controversial bond-buying program should be curtailed.

U.S. stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.

(Editing by Chizu Nomiyama)

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Social Gambling Conference Highlights the Growing Importance of Social Online Gambling, Reports Belle Rock Entertainment

LONDON, UNITED KINGDOM–(Marketwire – Jan 29, 2013) – Speakers, delegates and sponsors from the around the world gathered in London on 16 November for the world”s first conference dedicated entirely to social gaming. This, says Belle Rock Entertainment, is a sign of the times: social gaming is the way of the future. Belle Rock Entertainment itself is a big fan of the growing medium that is social gaming and ties in its web and mobile sites to Facebook and Twitter. It believes social gambling is a thing of the future, and so do iGaming Business, the organisers of the London conference.

This ground-breaking conference is designed for those businesses looking to stay on top of online gambling and also for social media producers looking to monetise their gaming offerings. The elite panel of speakers, including industry leaders from both the social media sphere and online gambling will meet to discuss the future of this industry and suggest ways companies can approach this dynamic field of gambling.

The online gambling industry is going through a period of transition and is having to adapt – and adapt quickly – to a round of changes brought through since the world has become more mobile and socially enabled. Although the vast majority of online gambling is still conducted through web-based mediums from laptops and desktop computers, more and more users, particularly younger users with money to spend, are diversifying and conducting their gambling via smartphone and using social apps and plug-ins.

Of course this isn”t the first major transition the gambling industry as a whole has weathered. Of course moving from purely land-based to both land- and web-based gambling changed the face of the gambling industry forever. But this is perhaps the first major shake up affecting the online realm of gambling.

However, leading online portals such as Belle Rock Entertainment, have been quick to adapt. Mobile gaming is already bringing in good money so it”s just a matter of time before social apps and games will be monetised and becoming another profitable arm of the online gambling world.

Sources:

http://www.casinocitytimes.com/news/article/social-gambling-conference-just-two-days-away-203245

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Stock futures tick lower, but Ford, Pfizer rise early

NEW YORK (Reuters) - Stock index futures edged lower on Tuesday as investors looked to take profits following an extended rally and as they waited an onslaught of earnings and data.

On Monday, the S&P 500 index closed slightly lower, ending an eight-day run of gains. However, the index remained above 1,500, suggesting there was still support for the market.

Investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record, research provider TrimTabs Investment Research said.

The gains have come on a strong start to earnings season. Thomson Reuters data showed that of the 150 companies in the S&P 500 that have reported earnings so far, 67.3 percent have beaten analysts' expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

Yahoo Inc rose 1.9 percent to $20.70 in premarket trading a day after reporting adjusted earnings that beat expectations and forecasting a rise in annual revenue.

Ford Motor Co jumped 2.4 percent to $14.11 in premarket trading after reporting results early Tuesday, while Pfizer Inc rose 0.6 percent to $27 after results.

Amazon.com Inc is slated to report results after the market closes.

Eli Lilly and Co reported adjusted fourth-quarter earnings and revenue that beat expectations.

S&P 500 futures fell 5.3 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 2 points and Nasdaq 100 futures slid 9.5 points.

The Federal Reserve's Open Market Committee begins two days of meetings on interest rates. Traders speculated more solid U.S. growth indicators might see the Fed pull back on its aggressive easing stimulus, which has played a key role in fuelling an equity market rally since the second half of last year.

Investors will also look to the latest economic data for evidence the recent rally, which took major averages to five-year highs, was justified.

January consumer confidence, due at 10 a.m. (1500 GMT) is seen dipping to 64 from 65.1 in the previous month. The S&P Case/Shiller Home Price Index for November is seen showing an increase of 0.6 percent in home prices. Case/Shiller is due at 9 a.m.

While the housing market has recently shown signs of improvement, data released on Monday showed pending home sales unexpectedly slumped in December.

U.S. stocks edged modestly lower on Monday. However, Caterpillar Inc rallied after results, limiting losses in the Dow, while a rebound in shares of Apple Inc kept the Nasdaq in positive territory.

(Editing by W Simon)

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Think you’ll win a Super Bowl bet? It’s taxable

Taxes » Income Taxes » Win A Super Bowl Bet? It’s Taxable

America is a nation of risk takers, so it’s no surprise we love games of chance. That’s even more evident each year when the NFL’s big event, the Super Bowl, rolls around.

The Super Bowl is the most gambled-on sporting event in the United States, with more than $ 100 million wagered on the game in some years. And that’s just the legal betting at sports books in Nevada, so far, where federal law allows sports gambling.

American Gaming Association data, complete through 2011, show legal sports wagering in Nevada that year totaled $ 2.88 billion. But that figure is dwarfed by illegal bets. The National Gambling Impact Study Commission estimates illegal sports wagers amount to as much as $ 380 billion annually.

If the gambling study estimate is even remotely accurate, the U.S. Treasury is missing out on an enormous amount of revenue since gambling winnings, whether obtained legally or illegally, are taxable.

But good luck, Internal Revenue Service collections agents, on getting your hands on ill-gotten gambling gains.

The federal tax agency has enough trouble collecting from legal bettors. Many people don’t realize gambling winnings are taxable income. And even if the winners know that, a good many simply choose to ignore the tax law.

What the IRS knows

This skirting of tax laws is possible because the IRS doesn’t know about every bet, and it is only aware of the big winners.

Legal betting operations — state lotteries, casinos and horse-racing tracks — are regulated and that means there are rules for reporting when players are paid.

States with gaming

Commercial casinos	Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Nevada, New Jersey, Ohio, Pennsylvania, South Dakota, West Virginia
Racetrack casinos	Delaware, Florida, Indiana, Iowa, Louisiana, Maine, Maryland, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, West Virginia
Tribal gaming (casinos, bingo, pulltabs, etc.)	29 states
Lotteries	43 states plus the District of Columbia
Parimutuel wagering	40 states
Charitable gaming	47 states plus the District of Columbia

Source: American Gaming Association, National Indian Gaming Association

In some cases, the IRS gets its portion when winners are paid. Twenty-five percent is withheld from winnings of more than $ 5,000 from any sweepstakes, wagering pool or lottery or from betting proceeds that are 300 times or more the amount of the bet.

Gambling winnings from bingo, keno and the slots are not generally subject to withholding, but you still must give the gambling establishment your tax ID, i.e., your Social Security number. If you refuse, the casino can assess backup withholding of your jackpot at a 28 percent rate.

And with the popularity of poker, the IRS started demanding reports from poker tournament sponsors when tournament winnings exceeded $ 5,000. The reporting requirement, aimed at poker tournament sponsors, including casinos, helps the IRS ensure card game winners are including their winnings on their annual tax returns.

Regardless of whether money is withheld, when a casino or other betting operation gets your tax ID, your winnings show up on a Form W-2G.

But even if you don’t get an official form, you’re still supposed to report all your gambling winnings to the IRS. In reality, that doesn’t happen.

The IRS has no official idea how much tax money it doesn’t collect from lucky gamblers. But even if the tax agency ventured a guess, it likely would be low, since there are so many under-the-radar ways for gamblers to play.

Online gambling advances

One of the major gambling venues nowadays is online. And despite efforts to control Internet gambling, U.S. bettors are still frequenting the websites, with many not telling the IRS about their winnings.

Federal lawmakers tried to put a dent in online gambling with enactment in 2006 of the Unlawful Internet Gambling Enforcement Act. The law is designed to restrict U.S. gamblers’ access to online, foreign-based websites.

The law, however, hasn’t affected players as much as it has payment processors, says Brad Polizzano, a New York tax attorney.

Polizzano points to the U.S. Department of Justice’s seizure in April 2011 of the Internet domains of the three biggest offshore online gambling sites operating in the U.S. at the time: Full Tilt Poker, PokerStars and Absolute Poker/UltimateBet.

In addition, several of these sites’ principals, as well as individuals processing financial transactions to and from these sites, were indicted for bank fraud, illegal gambling and money laundering, says Polizzano.

While the poker website crackdown sent shockwaves through that gambling community, says Polizzano, there also has been an apparent easing of opposition to online gambling.

On Dec. 23, 2011, the U.S. Department of Justice issued a memorandum opinion taking the position that the Wire Act, the federal law enacted in 1961 prohibiting operation of certain types of betting businesses in the United States, applies only to sports wagering.

“Although the opinion itself addresses only online state lotteries, states now have been shown a green light for intrastate online gaming,” says Polizzano.

Nevada gambling regulators quickly approved rules that allow companies in the Silver State to apply for licenses to operate poker websites.

Around 2,500 miles to the east, New Jersey lawmakers also are working to make online gambling legal within that state. After Gov. Chris Christie vetoed an online gambling bill in early 2012, the legislature introduced a revised version that would authorize casinos in Atlantic City to offer a full slate of Internet gambling to state residents. Christie has until Super Bowl Sunday to sign or veto this measure.

And gambling expansion has moved beyond the Internet in the Garden State. On Jan. 17, 2012, Christie signed a bill into law that would allow people older than 21 to place in-person bets on sporting events at designated sites within New Jersey.

But don’t make travel plans to New Jersey just yet. Before sports bets are allowed there, the federal Professional and Amateur Sports Protection Act of 1992 must be overturned or a new federal law must be enacted to exempt the state from the federal restriction.

That could take a while, as leaders of the National Football League, National Basketball Association, National Hockey League, Major League Baseball and the National Collegiate Athletic Association are united in a federal court case against the New Jersey sports betting bill.

Tax and gambling misconceptions

If states and Uncle Sam do eventually approve access to online gambling, the accompanying regulations could help the IRS get more winners to comply with tax laws.

Polizzano, who writes about gambling and tax issues at his blog “TaxDood,” says there are three tax areas that many gamblers don’t understand well.

One is the difference between recreational and professional gambling. Most people fall into the recreational category; they visit a casino or racetrack a couple of times per year and buy lottery tickets.

In these cases, any winnings should be reported to the IRS as “other” income. Recreational gamblers also can reduce the amount of their taxable winnings by itemizing their expenses and counting gambling losses as a deduction in the “other miscellaneous deductions” category of Schedule A.

Professional gamblers, on the other hand, essentially gamble regularly with the intent to profit enough to earn a living. The tax court ruling that set up the standards for professional gambling, says Polizzano, “basically requires people to file one way or the other, professional or recreational.”

“A lot of gamblers think they can file any way that minimizes their tax burden,” he says. “But they really don’t have a choice. They must pick one category or the other.”

And while the tax code generally is very harsh toward gamblers, says Polizzano, professional gamblers recently got some good news from the U.S. Tax Court. In Mayo v Commissioner, the court held that a professional gambler may deduct “ordinary and necessary” business expenses beyond the extent of a taxpayer’s net gambling winnings.

Record winnings and losses

Both types of gamblers, however, share one thing. They need to keep very good records of their gambling activities. This, too, is an area of confusion for taxpayers, says Polizzano.

A recreational gambler can’t simply net wins and losses — that is, combine them and report only the total. Rather, a gambler must add all winnings and report them as income. The losses are itemized and can be claimed as a deduction, but only up to the amount of winnings reported that year.

To substantiate these amounts, the IRS says you must keep records of every single gambling session. “You spend 15 minutes at the craps table and finish up with $ 500. Take a break, then spend 45 minutes at the blackjack table. That’s another session,” says Polizzano. “In my opinion, that’s overly burdensome. Who really does that?”

Another documentation requirement, per IRS Publication 529, Miscellaneous Deductions, is that you keep a diary or log of gambling activities. The log is supposed to show not only the amounts you win or lose, but also the date and type of your specific wager or wagering activity, the name and address or location of the gambling establishment, and the names of other persons present with you when you gambled.

“If they get the ‘dear valued taxpayer’ letter from the IRS that wants them to substantiate their gambling activity, they won’t be able to do that because they haven’t kept track,” says Polizanno.

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Stocks futures flat, Caterpillar on tap to report

NEW YORK (Reuters) - Stock index futures were little changed on Monday, with investors reluctant to make big bets following a rally that took the S&P 500 above 1,500 for the first time in more than five years.

A strong start to the earnings season has boosted equities, with major averages rising for four straight weeks. The S&P has gained for eight straight days, its longest winning streak in eight years.

Over the past four weeks, the S&P has jumped 7.2 percent, suggesting markets may be vulnerable to a pullback if news disappoints.

Earnings will continue to be a primary focus, with Caterpillar Inc likely to be a market mover when it reports its latest quarterly financial results later on Monday. The heavy machinery maker could provide a clue into the state of the global industrial sector, which is closely tied to the pace of economic growth.

Yahoo Inc reports after the closing bell, and could face heightened expectations following strong results at Google Inc last week.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings so far, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

S&P 500 futures rose 0.8 point and but were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 7 points and Nasdaq 100 futures rose 0.2 point.

The S&P 500 closed at its highest since December 10, 2007, and the Dow ended at its highest since October 31, 2007.

Investors will also be looking to durable goods orders and pending home sales, both for December. Durable goods are due at 8:30 a.m. (1330 GMT) and are seen rising 1.8 percent. Pending home sales are seen rising 0.3 percent.

Last week, sales of new U.S. single-family homes fell in December but rose in 2012 to the highest level since 2009, a sign the U.S. housing market turned a corner last year.

Bargain hunters may look to Apple Inc for a bargain the first session after the tech giant lost its coveted title as the largest U.S. company by market capitalization to Exxon Mobil Corp . On Friday, Apple's market cap fell to $413 billion, down roughly $250 billion from its September peak. Apple's fall is about equal to the entire value of Google Inc .

U.S. stocks rose on Friday, lifted by strong results from such companies as Procter & Gamble . The rise put the S&P 500 about 4.1 percent away from its all-time closing high of 1,565.15 on October 9, 2007.

(This story was refiled to remove extraneous word "above" in 7th paragraph)

(Editing by W Simon)

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Zurich sees no threat to dividend policy from Sandy storm

ZURICH (Reuters) – Zurich Insurance Group (ZURN.VX) said it can maintain its dividend policy despite an estimated $ 700 million in damage claims relating to super storm Sandy.

“We are striving for a sustainable and attractive dividend. This philosophy is unchanged. And at present there is no cause to deviate from it,” Chief Executive Martin Senn told the SonntagsZeitung newspaper in an interview.

Zurich, which reports its full-year results on February 14, paid a dividend of 17 Swiss francs per share last year.

Senn said claims from Sandy, which hit the United States in October, would burden the fourth-quarter results but he didn’t expect the company to have to revise its claims estimate.

Sandy is expected ultimately to be the second-costliest catastrophe in U.S. history, with insured loss estimates as high as $ 25 billion. The costliest catastrophe was hurricane Katrina in 2005.

Senn said Zurich was on track to cut costs by $ 500 million by the end of 2013. At the end of the third-quarter Zurich had cut expenses by $ 200 million.

He added he was confident that the group’s AA rating would be confirmed, despite ratings agency Standard & Poor’s downgrading the outlook for the insurance sector to negative.

Senn said Zurich was also making good progress on its target for 30 percent of new life insurance business to come from Latin American and Asian markets.

“We’re well on our way there and are even moving in the direction of 40 to 50 percent.”

(Reporting by Caroline Copley; Editing by Alison Birrane)

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Claim Post Resources Inc. Acquires 51% of Frac Sand Project in Southern Manitoba (Canada) and Options a Permitted Property Suitable for Loading Unit Trains of Frac Sand

TORONTO, ONTARIO–(Marketwire – Jan 25, 2013) – Claim Post Resources Inc. (TSX VENTURE:CPS) (the “Company“) announces that it has signed an amendment to its agreement with Char-Crete Ltd. to acquire nine contiguous silica sand quarry leases, encompassing approximately 428 hectares (1,050 acres) (see press release dated August 27, 2013). The property is located 3km from a paved highway near Seymourville, 200km North-East of Winnipeg, Manitoba (Canada) (the “Seymourville Property“). Under the amended agreement, Claim Post paid $ 400,000 to Char-Crete and acquired a 51% undivided interest in the Seymourville Property. Claim Post can acquire the remaining 49% interest by payment of an additional $ 300,000 on or before March 31, 2013. In addition, Char Crete has agreed to grant Claim Post an option to purchase a fully permitted industrial property in Winnipeg for use as a railroad loading and storage area for a payment of $ 400,000 on or before February 17, 2013. If Claim Post chooses to exercise the option the purchase price of the property will be $ 2,700,000.

The Seymourville Silica Sand deposit was discovered in 1977 and was drilled by Manitoba government geologists in 1981 and again in 1989. The deposit is the Lake Winnipeg Formation on-shore extension of the Historical Black Island silica deposit. Black Island silica was mined from 1928 to 2003 when it was incorporated into a park. Black Island sand was used as feed stock to manufacture glass, fiber glass, foundry sand and early frac sand by the oil industry.

The President of Claim Post Resources, Charles Gryba, stated: “We are very pleased to have acquired a 51% interest in the nine quarry leases from Char-Crete Ltd; we look forward to acquiring the balance of the property in the coming months. Our first priority will be to start a drilling program and API – ISO testwork towards completing a NI 43-101 report. The next step would be to commission an independent Preliminary Economic Assessment of the deposit to confirm the economics of taking the Seymourville Silica Sand Deposit to commercial production. A major step forward in de risking the project was acquiring an option on a permitted property suitable for setting up a frac sand terminal in Winnipeg with access to rail.”

High silica sand deposits are very rare in Western Canada because the glaciers either destroyed the deposits or mixed in other minerals unsuitable for frac sand. Horizontal drilling and fracking in the US and Western Canada has been very successful. The Seymourville deposit has 20 – 40 mesh and 40 – 70 mesh sand used for the fracking in the Bakkens in Southern Manitoba and Saskatchewan and also 40 – 70 mesh and 100 mesh sizes suitable for natural gas fracking in the world class Montney, Horn River and Laird River basins along the Alberta – British Columbia borders.

Access to rail transportation and being closer to the market are key advantages required for any successful industrial mineral project. The option to purchase an industrial site in Winnipeg that has access to both the CN and CP rail systems is a major advantage. In 2012, the US produced 31 million tons of frac sand and CN hauled 70,000 rail road cars of frac sand from Wisconsin through Winnipeg to Western Canada. Claim Post”s frac sand is about 1,000 km closer to the Canadian market.

Claim Post Resources intends to maintain its exploration properties in Timmins, Ontario which are highly prospective for both gold and base metals. The Company continues to seek joint venture partners and strategic arrangements with other companies in the industry to advance the exploration of the large Timmins land holdings.

Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. The Company currently holds a 100% interest in the mineral rights to about 1145 staked claim units and 63 patented claims (~200 km sq. or 72 sq. miles), wholly within the city limits of Timmins, Ontario. The Company continues to stake ground as it becomes available and drop lower priority claims from time to time. There are 45,788,831 common shares of the Company issued and outstanding.

Statements in this release that are forward-looking reflect the Company”s current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company”s periodic filings with Canadian securities regulators. Such statements and information contained herein represent management”s best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Swingplane Ventures, Inc. Provides Historical Data on the Algarrobo

SANTIAGO, CHILE–(Marketwire – Jan 25, 2013) – Swingplane Ventures, Inc. ( OTCBB : SWVI ) (the “Company”) is pleased to update information on the History of the Algarrobo property.

Swingplane Venture Inc.’s (the “Company”) Algarrobo Property (the “Property”) is an Iron Oxide-Copper-Gold (IOCG) property located approximately 850 km north of Santiago, in the III Region, Province of Chanaral, Chile. The city of Copiapo is located approximately 43 km to the southeast of the Property, with the small port city of Caldera 25 km to the east. The Property consists of 32 tenures, comprising a total of 6,161 ha (15,224 acres).

The following anecdotal history for the Property and immediately adjacent area has been modified slightly from Stromberger (2012). The following anecdotal history of the Property and immediate area was compiled by the Property Vendor. The historical information has not been verified.

A copy of his non NI 43-101 compliant report is available at:

http://www.swingplaneventuresinc.com/images/docs/Stromberger_Report_April_2012.pdf

“Copper from limited surface exposures on, and immediately adjacent to, the Algarrobo Property was first mined in the late 1700s. Since that time, approximately 35 mines have been excavated on 4 primary and approximately 10 secondary veins. It has been estimated that the historical British operator produced copper ore having a cut-off grade of +/- 6% Cu.

Major copper mines around the world generally average less than 1% copper, a prime example is Freeport McMoRan’s Grasberg mine which has approximately 2.5 billion tonnes of copper grading at 1.1%.

The Algarrobo copper deposit was discovered in 1808, with large scale industrial mining operations initiated in 1868 and active for approximately 25 years. In 1890, a report on the Algarrobo mines by Francisco San Roman led to an evaluation of the feasibility of constructing a railroad line from Caldera to facilitate transport of copper ore at lower transportation costs. The railroad was also expected to permit more efficient exploitation of the mineral reserves, given that the cut-off grade for the Algarrobo copper ore was 12% Cu at that time. Ore quality and reserves at that time were deemed to be of sufficient grade and tonnage for the British operator of the mines to undertake construction of a 20 km railroad from the port of Caldera to Algarrobo. “High grade ore”, thought to comprise ore greater than 15% Cu was shipped directly to England, while “low grade ore”, ore grading less than 15% Cu, was processed at a local smelter in Caldera prior to shipment to England. (Note: “Ore” is used in the context of the reference cited and may not be NI 43-101 compliant).

The railroad operated into the 1940s, with a cable car system used to transport ore from mining operations at an elevation of approximately 1100 m to the railhead at approximately 650 m. In the mid-1900s, a road was also built from Caldera, allowing re-processing of ore waste on several occasions. The mine dumps left by the British operator provide some clues regarding the grade of ore extracted from the historical operations. Over approximately 20 years, between 1960 and 1980, the waste dumps have been reprocessed three times by local miners. ENAMI, the state controlled Chilean mining company, constructed the 35 km road to the area for this purpose. Available records document that the grade of material initially processed graded between 6 – 8% Cu, dropping to a grade between 4 – 6% Cu during the second phase of processing and 3-4% from the third phase. The material remaining is estimated to grade between 1.5 – 2% Cu. The railway is still on the property today.

No quantitative data are available with regard to cumulative production for the Property. In his report, San Roman estimated approximately 800,000 tonnes of 12% plus mineral had been extracted by the 1890s, with close to the same amount of material in the waste dumps, grading between 3% and 4. At this time, it is estimated that approximately 200,000 tonnes of “low grade” dump material remains.

From the 1920′s until 1997, sporadic manual production on a limited basis was undertaken by local miners (pirquineros) on extensions of the veins previously mined. Most of the workings evident on the Algarrobo Property, and immediately adjacent ground, have been excavated and operated using hand tools, with limited mechanization and are, therefore, generally restricted to surface and/or shallow sub-surface workings, at depths ranging between 5 meters to 40 meters. Local pirquineros claim that until 1973 they sold ore grading 6% Cu and above to ENAMI as direct smelting ore. In 1973 ENAMI raised the cut-off grade for direct smelting ore to 12% Cu. All of the ore mined by the pirquineros has been hand sorted to meet the ENAMI requirements.

In 1997, American Canyon Mining initiated processing of mine waste dumps for recovery of low grade copper, with assayed grades between 1.5% and 2.5% copper, on a preliminary test basis in leach pads on site. Approximately 9,000 tonnes of mineralized, low grade ore was crushed, screened and piled after laboratory leach tests showed satisfactory results. The project was shut down in 1998 due to the decline in copper prices” Stromberger (2012).

In 2000, the property vendor, Gunter Stromberger, undertook a sampling program of some of the workings and waste dumps on the Property and immediately adjacent ground. A total of 160 samples were taken from surface, near surface and underground workings. The results of this program will be reported in a separate Press Release.

In 2009, the property vendor undertook a rotary drill program in an attempt to assess vein continuity and grade in the near sub-surface. A total of 10 holes were drilled, with four (#11 – 14) abandoned due depth of overburden ( > 25 m – the amount of casing available). Generally, the holes that encountered bedrock documented anomalous background levels of copper, ranging from 0.10% to a maximum of 1.05%. Six of the holes intersected copper mineralized veins. The results of the drill program will be reported in a separate Press Release.

Between 2010 and early 2012, the property vendor exposed several high grade copper mineralized veins at surface and developed an approximately 3 m wide x 4 m high drift, the “Veta Gruesa Centre” Drift on the Veta Gruesa. A second drift, the “Exploration” Drift, is located approximately 350 west of the Veta Gruesa Centre drift and had just encountered the footwall of the Veta Gruesa at the time of the Company’s Due Diligence property evaluation in February, 2012.

Since the Due Diligence property evaluation in February, 2012, the property vendor has opened up two additional drifts on behalf of the Company, comprised of a third drift on the Veta Gruesa (Veta Gruesa East), the False Estaca Drift and initial development on the Descubridora Vein. Heavy equipment has exposed high grade copper mineralization immediately below a thin veneer of eolian sand, believed to correlate to the workings defining the Descubridora Vein. This exposure is actively being developed into a drift at this time. In addition, heavy equipment is currently working to remove sand in order to expose the Descubridora Vein approximately 40 m farther west and at slightly lower elevation so as to provide a second drift on this high grade copper vein. Finally, ore is currently being stockpiled at surface in anticipation of receipt of the license required to sell the ore from the Property to the government-owned ENAMI facility at Copiapo, located approximately 43 km to the south.

The content of this news release has been reviewed by Rick Walker, B.Sc., M.Sc., P. Geo., a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data herein.

Michel Voyer
President and Director

Safe Harbor Statement

THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.

EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE”, “ANTICIPATE”, “BELIEVE”, “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE INCLUDE STATEMENTS RELATING TO THE COMPANY’S PLANS TO ENTER INTO A MINING OPTION AGREEMENT WITHIN THE NEXT FORTY-FIVE DAYS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH MINERAL EXPLORATION AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL AND QUARTERLY REPORTS ON FORM 10-K AND FORM 10-Q, RESPECTIVELY, AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S EXPLORATION EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NO SECURITIES REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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Stock futures edge up, S&P 500 poised to extend rally

NEW YORK (Reuters) - Stock index futures gained on Friday after Procter & Gamble reported a higher quarterly profit and as the S&P 500 looked set to extend its best winning streak in more than six years.

The strong start to the year has been attributed to solid corporate earnings, agreement in Washington over raising the debt limit, encouraging recovery signs in the global economy and seasonal inflows to equity markets.

Those factors helped the S&P 500 rally for a seventh day on Thursday to a five-year peak. But the index is struggling to move convincingly above 1,500, a level it surpassed briefly Thursday for the first time since December 2007.

"You have had more confidence from fund managers to provide more allocations to equity markets," said Rick Meckler, president of investment firm LibertyView Capital Management, who added equities were looking more attractive than bonds or cash.

Procter & Gamble , the world's top household products maker reported a higher profit on Friday and raised its sales and earnings outlook for the fiscal year. Shares were up 1.4 pct at $71.42 in premarket trading.

Earnings have helped drive the stock market's recent rally. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent have exceeded expectations, above the 65 percent average over the past four quarters.

Microsoft Corp's quarterly profit edged lower as Office software sales slowed ahead of a new launch, offsetting a solid but unspectacular start for its Windows 8 operating system and sending the company's shares down 1.1 percent.

S&P 500 futures rose 3.2 point and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 44 points and Nasdaq 100 futures rose 9.75 points.

Echoing a more positive tone in Europe, ECB President Mario Draghi said he expects the euro zone economy to recover later this year, adding that financial market improvements have not yet trickled into the general economy. Draghi was speaking at the World Economic Forum in Davos on Friday.

Halliburton , the world's second-largest oilfield services company, is also due to report results.

Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems. The shares, which fell 12 percent Thursday after disappointing earnings, edged up 0.2 percent to $451.80.

Honeywell , the diversified U.S. manufacturer, will be in focus as it reports earnings, with modest growth in demand for systems used to manage large buildings expected to be offset by declining sales to the military.

The Commerce Department releases new home sales data for December at 10:00 a.m. (1500 GMT). Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.

Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 10:30 a.m. (1530 GMT). In the prior week the index read 130.

European shares <.fteu3> rose 0.1 percent after a survey showed German business morale improved for a third consecutive month in January.

(Editing by Bernadette Baum)

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Stock futures drop as Apple revenue miss halts stocks rally

NEW YORK (Reuters) - Stock index futures fell Thursday as a revenue miss by Apple triggered a slide of nearly 10 percent in its shares in after-hours trading, and analysts said equities may be due for a pullback after a six-day rally for the S&P 500.

Apple Inc missed Wall Street's revenue forecast for a third straight quarter after iPhone sales came in below expectations, fanning fears its dominance of consumer electronics is slipping. The shares dropped 9.5 percent to $465.40 in premarket trading, wiping out about $50 billion of its market value.

However, some positive economic news looked set to put a floor under stock prices. Growth in Chinese manufacturing accelerated to a two-year high this month and a buoyant Germany took the euro zone economy a step closer to recovery, business surveys showed on Thursday.

"The march to 1,500 on the S&P is looking quite strong, the question is will Apple be the spoiler?" said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"My guess is that while Nasdaq might suffer losses today, both the Dow and the S&P may do otherwise based on economic news out of China and Europe."

The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google . But the rally that has lifted stocks to five-year highs could be halted by Apple's after-hours revenue miss, especially on the technology heavy Nasdaq index.

S&P 500 futures fell 3.7 point and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 6 points and Nasdaq 100 futures fell 34.75 points.

Corporate earnings have helped drive the recent stock market rally. Thomson Reuters data through Wednesday showed that of the 99 S&P 500 companies that have reported earnings, 67.7 percent have exceeded expectations, above the 65 percent average over the past four quarters.

Investors in U.S.-based mutual funds pumped $9.32 billion into stock funds in the week ended January 16, the second consecutive week of inflows for such funds, data from the Investment Company Institute showed Wednesday.

European shares were little changed in midday trading as mixed company earnings coupled with conflicting economic data from the region made investors wary, with indexes at multi-year highs. <.eu/>

Netflix Inc surprised Wall Street on Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the United States and abroad, sending its shares nearly 40 percent higher in premarket trading.

On the macro front, investors awaited weekly jobless claims, at 8:30 a.m. ET (1330 GMT), Markit Manufacturing PMI for January, due at 8:58 a.m. (1358 GMT), and December leading economic indicators, due at 10:00 (1500 GMT).

Among the companies set to report results Thursday were Bristol-Myers Squibb , Lockheed Martin , 3M Company , Microsoft , Raytheon , Starbucks , AT&T Inc. , and Xerox Corp. .

(Editing by Bernadette Baum)

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RideIt! For Your New Year’s Resolution

LONDON, UNITED KINGDOM–(Marketwire – Jan 23, 2013) – If this year, your New Year”s resolution was to stay fit and active as well as getting out to meet new people, then RideIt! from Evans Cycles could be the perfect way for you to achieve your goals in 2013.

RideIt! explained

Specialist cycle retailer Evans Cycles organises the RideIt! series every year to offer novice cyclists the chance to get into a fantastic new sport, and those with a little more experience the chance to see some of the country as well as meeting like minded individuals.

The RideIt! series consists of organised mountain bike and sports five bike rides, taking place twice monthly in a variety of locations up and down the UK.

Evans Cycles” philosophy that underpins the RideIt! series is to design great rides that are both affordable and enjoyable. Whether you”re new to the sport or an experienced rider, you”ll find something new with RideIt!

Upcoming RideIt! Events

The following are upcoming RideIt! events for the next three months:

Rochdale

• 26^th January – Mountain Bike


• 27^th January – Road and Sportfive

Gatwick

• 9^th February – Mountain Bike


• 10^th February – Road and Sportfive

Leeds

• 23^rd February – Mountain Bike


• 24^th February – Road and Sportfive

Scotland

• 23^rd March – Mountain Bike


• 24^th March – Road and Sportfive

How to sign up

Once you”ve found the ride that best suits you, simply sign up online or call the Evans Cycles contact centre on +44 (0) 1293 574900. It”s recommended to sign up well in advance due to the popularity of the events.

Then grab your bike, your winter cycle clothing; and off you go!

Catching up with previous RideIt! Events

If you”re still a little unsure what you”re letting yourself in for, check out the Evans Cycles Blog at http://blog.evanscycles.com/ and you”ll find full details on previous events.

Notes to Editors

• Founded in 1921, Evans Cycles is the UK”s largest quality cycle shop, stocking the widest range of products and brands, including Scott bikes, Cannondale and Specialized amongst others.


• Deeply passionate about cycling in all its forms, Evans” friendly staff has expert knowledge and are happy to help out with all aspects of cycling.


• Evans celebrated its 90^th anniversary in 2011, evolving from a family owned store to an award winning enterprise. Evans Cycles is now the UK”s leading bike retailer selling road bikes, mountain bikes and hybrid bikes, as well as cycling clothing and accessories. 

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Stock futures flat, but techs rally in preopen trade

NEW YORK (Reuters) - Stock index futures were flat on Wednesday, with investors reluctant to make big bets following a five-day rally that took major averages to levels not seen since December 2007.

Tech shares will be in focus following strong results from both IBM and Google, which rallied in premarket and continued the string of major companies outperforming following results.

Investors were also cautious as they awaited another onslaught of earnings reports, including from Dow components McDonald's Corp and United Technologies . Apple Inc reports after the market closes and investors will scour that report for signs the company can continue to grow at an accelerated pace.

Google Inc rose 5.1 percent to $738.61 in light premarket trading a day after the search giant's core Internet business outpaced expectations. Revenue was also higher than expected.

International Business Machines Corp late Tuesday forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations. The results helped to allay concerns about the tech sector that arose when Intel Corp gave a weak outlook last week. IBM, which is a Dow component, rose 3.9 percent to $203.81 before the bell.

According to the latest Thomson Reuters data, of the 74 S&P 500 companies that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.6 percent. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

S&P 500 futures fell 1.8 point and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were flat points and Nasdaq 100 futures rose 3.5 points.

Both the S&P 500 and Dow Jones industrial average hit five-year closing highs on Tuesday, and recent gains have largely been fueled by a strong start to the earning season. The S&P has jumped 6.4 percent over the past four weeks.

Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months, to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.

The debt limit issue has been viewed as a market overhang for the past few weeks, with many investors worried that if no deal is reached to raise the limit, it could have a negative impact on the economy.

Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.

(Editing by W Simon)

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Redknee Projected for Leadership Position in Pre-Integrated Converged Billing and Customer Care Market

TORONTO–(Marketwire – Jan 22, 2013) –   Redknee ( TSX : RKN ), a leading provider of business-critical billing and charging software and solutions for communications service providers, is pleased to announce that it has been featured in Ovum’s On The Radar analyst report, which highlights vendors that are bringing innovative ideas, products or business models to the market. Ovum, an independent market analyst, identifies Redknee’s end-to-end, pre-integrated, converged billing and customer care solution and the strong roadmap for its cloud-based platform as key differentiators that will see Redknee secure a strong position in the growing pre-integrated converged billing and customer care market.

Shagun Bali, analyst at Ovum, commented:

“As communication service providers move toward convergence of their business units, they demand platforms that can interact and respond in real-time to subscribers’ needs, regardless of service or technology. Ovum believes that with Redknee’s commitment to innovation, particularly in cloud enablement, next generation convergence to enhance the customer experience and partner enablement to drive services on the platform, it will secure a stronger position in the market space.”

Lucas Skoczkowski, CEO, commented:

“This latest report by a leading analyst firm reiterates the growing momentum that Redknee is achieving in the market, which is demonstrated through our expanding customer footprint as well as the increased recognition by industry experts. The findings from Ovum’s report validate Redknee’s focused strategy to invest in developing cloud-based and on-premise billing and customer care solutions to enable service providers to increase revenues, improve the customer experience and grow profitability.”

In addition to highlighting Redknee’s strategy to invest in its cloud-based software-as-a-service (SaaS) converged billing solution, Ovum also identifies the following key benefits:

• Redknee addresses problems facing service providers that are struggling with managing identities in silos for individual applications. Redknee offers a converged billing and customer care solution that consolidates customer data and makes it available to all customer facing applications.


• Redknee’s innovative converged billing platform helps service providers to enhance the customer experience, define and launch new services and promotions quickly, and reduce operating costs by eliminating integration costs and efforts.


• Redknee has integrated policy controls and business intelligence capabilities into the core platform that help to analyze real-time customer data and provide personalized services.


• Redknee has successfully built strong partnerships with leading IT vendors and system integrators. For example, Redknee leverages the Microsoft Dynamics CRM framework to expand its real-time billing solution to support advanced customer care, a retail and dealer network portal and innovative self-care solutions.

The full report is available for download at:

http://www.redknee.com/pdf/forms/Ovum_On_the_Radar_Report.aspx

For more information about Redknee and its solutions, please go to www.redknee.com.

About Redknee
Redknee is a leading global provider of innovative communication software products, solutions and services. Redknee’s award-winning solutions enable operators to monetize the value of each subscriber transaction while personalizing the subscriber experience to meet mainstream, niche and individual market segment requirements. Redknee’s revenue generating solutions provide advanced converged billing, rating, charging and policy for voice, messaging and new generation data services to over 90 network operators in over 50 countries. Established in 1999, Redknee Solutions Inc. ( TSX : RKN ) is the parent of the wholly-owned operating subsidiary Redknee Inc. and its various subsidiaries. References to Redknee refer to the combined operations of those entities. For more information about Redknee and its solutions, please go to www.redknee.com.

Marketwire News Archive – Yahoo! Finance

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Stock futures flat at five-year highs, investors await earnings

NEW YORK (Reuters) - Stock index futures were flat on Tuesday as investors held back from making large bets ahead of an onslaught of corporate earnings and after recently notching five-year highs.

Both the Dow and S&P 500 closed at their highest levels the earnings season. U.S. markets were closed on Monday for a public holiday.

Despite stronger-than-expected earnings results from major companies, including big banks, at the start of the quarterly reporting season, many investors are worried that other reports will reflect economic uncertainty in the fourth quarter.

"The market has been pleased with earnings thus far, and it is encouraging to see a cyclical company like DuPont show revenue strength, but I'm waiting on more tech and energy earnings until I come down one way or the other on this season," said Adam Sarhan, chief executive of Sarhan Capital in New York.

posted a steep drop in earnings on reduced demand for paint pigment, though revenue was ahead of expectations.

Verizon Communications Inc fell 1.1 percent to $42.06 in premarket trading after reporting a steep loss due to pension liabilities and charges related to superstorm Sandy that offset strength in its wireless business. Travelers Cos Inc also posted earnings that were hurt by losses related to Sandy.

DuPont, Verizon and Travelers are all Dow components, as is Johnson & Johnson , slated to report later Tuesday along with Google Inc and Texas Instruments . Tech earnings will be in particular focus after Intel Corp last week gave a revenue outlook that was below expectations.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.5 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast from a week ago but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

S&P 500 futures rose 0.3 point but remained below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 8 points and Nasdaq 100 futures rose 5 points.

Monday was a market holiday for Martin Luther King Day in the United States, and also marked the start of a second term for President Barack Obama, who called for aggressive action on climate change, economic equality and the federal budget.

"It remains a question whether Obama will be able to deliver on his agenda, but a sector like solar power companies could continue to be strong as he pushes for action," Sarhan said.

Markets have recently been pressured by uncertainty stemming from Washington about the federal debt limit and spending cuts that could hamper U.S. growth.

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.

U.S. shares of Research in Motion jumped 8.9 percent to $17.25 in premarket trading after its chief executive said the company may consider strategic alliances with other companies after the launch of devices powered by RIM's new BlackBerry 10 operating system.

The Dow and S&P 500 closed at five-year highs on Friday as the market registered a third straight week of gains on a solid start to the quarterly earnings season, including from Morgan Stanley and General Electric Co .

(Editing by Chizu Nomiyama)

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Can Your Portfolio Supply You With the Retirement Income You Need?

My recent articles featuring bucketed retirement portfolios–both traditional mutual fund and exchange-traded fund versions–sparked many insightful comments. The bucketing concept has resonated with many retirees and pre-retirees because it helps turn a portfolio geared toward accumulation into one that provides in-retirement income. It also enables a retiree or pre-retiree to back into a logical stock/bond/cash mix given his or her time horizon.

An essential first step before creating any retirement portfolio–bucketed or otherwise–is to determine whether that portfolio can deliver the income you need from it. Coming up with a safe withdrawal rate–the amount that you can withdraw from a portfolio per year without depleting it during your lifetime–is an essential part of the retirement planning process and has been the subject of much discussion among Morningstar.com readers. Retirement calculators can help you get your arms around whether your planned withdrawal rate is reasonable, but you can also run the numbers yourself, thereby employing the withdrawal rate method of your choice. Here are the key steps to take.

1. Determine the Paycheck You Need From Your Portfolio
If you’re attempting to create the equivalent of a paycheck from your portfolio, the first step is to gauge your income needs during retirement, either on an annual or a monthly basis. Start by tallying your total expenditures, then subtract steady sources of income that you can rely on, including Social Security and pension income. What’s left over is the amount that you’ll need to extract from your portfolio each month or each year.

2. Choose Your Distribution Method
Next, determine the strategy you’ll use for extracting the money from your portfolio. Among the most popular methods are the income-only approach, whereby you subsist on whatever income your holdings kick off; the fixed-percentage method, whereby you withdraw a fixed percentage of your portfolio per year; and the fixed-dollar amount plus inflation adjustment method, which is the approach underlying the 4% rule for retirement portfolio withdrawals. These approaches all have pluses and minuses. This article (http://news.morningstar.com/articlenet/article.aspx?id=556353) provides an overview of the various strategies; in this video (http://www.morningstar.com/cover/videocenter.aspx?id=565731), Morningstar Investment Management’s director of retirement research David Blanchett discusses the results of his stress test of the various strategies.

3. Check Its Viability
If you’re using the income-only approach, you can test the viability of your strategy by looking at the income your portfolio currently kicks off and comparing that amount to your desired income level. Of course, the income you’re receiving today might not be there tomorrow, but with bond and dividend yields as low as they are, it’s not unreasonable to use today’s yields as a proxy for future income distributions.

If you’re using the fixed-percentage method, the beauty of the strategy is that you’ll never run out of money, so sustainability isn’t an issue. But livability is: Under the fixed-withdrawal method, your income will fluctuate from year to year depending on how your portfolio performs. If the initial withdrawal amount is reasonable and you’re comfortable with the uncertainty of a fluctuating income stream, then such a method is a good fit.

If you’re withdrawing a level dollar amount from your portfolio per year, you’ll have the peace of mind of a predictable income stream. But you’ll first need to evaluate whether your desired portfolio withdrawal amount is too large or just about right. One widely used rule of thumb is that an initial withdrawal amount of 4% of your balance, combined with annual upward adjustments to accommodate inflation, is a safe withdrawal amount. This article (http://news.morningstar.com/articlenet/article.aspx?id=367298) uses a worksheet to walk you through some of the key variables, but it’s helpful to sample an array of opinions on this all-important important topic. For another check, Morningstar’s Asset Allocator tool, T. Rowe Price’s Retirement Income Calculator, and Fidelity’s Retirement Income Planner can help you determine whether your current portfolio can deliver the dollar amount you need during retirement. (Just bear in mind that some of these tools are using fairly rosy return expectations for stocks.)

A version of this article appeared Dec. 10, 2012.

See More Articles by Christine Benz

Yahoo! Finance – Personal Finance

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